KPS Capital Partners to Acquire EMEA Food and Consumer Packaging Business from Crown Holdings
PR88917
NEW YORK, April 8, 2021 /PRNewswire=KYODO JBN/ --
LEADING EUROPEAN PACKAGING BUSINESS TO BECOME INDEPENDENT COMPANY
CROWN HOLDINGS, INC. TO RETAIN 20% OWNERSHIP INTEREST
NEW COMPANY TO FOCUS ON GROWTH IN FOOD AND CONSUMER PRODUCTS MARKETS
KPS Capital Partners, LP ("KPS") today announced that it has signed a
definitive agreement to acquire the Europe, Middle East and Africa food,
aerosol and promotional packaging business (the "EMEA Food and Consumer
Packaging Business" or the "Company") from Crown Holdings, Inc. (NYSE: CCK,
"Crown") for EUR 2.25 billion (approximately $2.7 billion). Crown will retain
20% ownership of the Company. The transaction is expected to close in the third
quarter of 2021 and is subject to customary closing conditions and approvals.
Logo - https://mma.prnewswire.com/media/1023167/KPS_Logo.jpg
The EMEA Food and Consumer Packaging Business is the largest manufacturer of
steel and aluminum food packaging in Europe and is a leading manufacturer of
aerosol and promotional packaging. The Company is critical to the European food
supply chain and has hundreds of global and regional food and consumer products
customers. The Company's products are highly sustainable and help to prevent
food waste and drive higher rates of recycling. The EMEA Food and Consumer
Packaging Business has approximately 6,300 employees across 44 manufacturing
facilities in Europe, the Middle East and Africa, and generates annual revenue
of approximately EUR 2.0 billion.
Michael Psaros, Co-Founder and Co-Managing Partner of KPS, said, "We are
excited to acquire one of the largest metal packaging businesses in Europe. The
size and scale of the business, the breadth of its products and its critical
food safety technology and process disciplines developed over decades, coupled
with growing end-markets, are the foundation of a tremendous investment
platform. We thank Mr. Donahue and Crown for their confidence in KPS and trust
in our stewardship of the extraordinary business they have built. We look
forward to working constructively with all of the business's stakeholders to
build a vibrant and thriving new company. KPS will leverage its decades of
global manufacturing experience to create an entrepreneurial culture centered
on innovation and continuous improvement, while providing the financial
resources to invest in commercial and operational excellence and industry
leading customer service."
Timothy Donahue, Chief Executive Officer of Crown, said, "We are very pleased
that the European Tinplate business will have a strong owner in KPS Capital
Partners to support future profitable growth and innovation initiatives.
European customers and consumers alike have long embraced metal packaging,
valuing the premium product protection and flavor preservation that it offers.
We are excited to retain a minority stake in the business alongside KPS as
Crown shareholders will benefit from the KPS team and its track record of
owning manufacturing companies and creating tremendous value."
Rothschild & Co is acting as lead financial advisor and Paul, Weiss, Rifkind,
Wharton & Garrison LLP is serving as legal counsel to KPS and its affiliates.
Barclays and UBS are also acting as financial advisors to KPS and its
affiliates. Debt financing to support the transaction is being led by Barclays
and Deutsche Bank along with BNP Paribas, Credit Suisse and UBS Investment
Bank.
About the EMEA Food and Consumer Packaging Business
The EMEA Food and Consumer Packaging Business is the largest manufacturer of
steel and aluminum food packaging in Europe and is a leading manufacturer of
aerosol and promotional packaging. The Company is critical to the European food
supply chain, with hundreds of global and regional food and consumer products
customers. The Company's products are highly sustainable, helping to prevent
food waste and drive high rates of recycling. With approximately 6,300
employees across 44 manufacturing facilities in Europe, the Middle East and
Africa, the EMEA Food and Consumer Packaging Business generates annual revenue
of approximately EUR 2.0 billion.
About Crown Holdings, Inc.
Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of
rigid packaging products to consumer marketing companies, as well as transit
and protective packaging products, equipment and services to a broad range of
end markets. World headquarters are located in Yardley, Pennsylvania. For more
information, visit www.crowncork.com.
About KPS Capital Partners
KPS, through its affiliated management entities, is the manager of the KPS
Special Situations Funds, a family of investment funds with over $12.3 billion
of assets under management (as of December 31, 2020). For nearly three decades,
the Partners of KPS have worked exclusively to realize significant capital
appreciation by making controlling equity investments in manufacturing and
industrial companies across a diverse array of industries, including basic
materials, branded consumer, healthcare and luxury products, automotive parts,
capital equipment and general manufacturing. KPS creates value for its
investors by working constructively with talented management teams to make
businesses better, and generates investment returns by structurally improving
the strategic position, competitiveness and profitability of its portfolio
companies, rather than primarily relying on financial leverage. The KPS Funds'
portfolio companies have aggregate annual revenues of approximately $10.6
billion, operate 159 manufacturing facilities in 22 countries, and have
approximately 34,000 employees, directly and through joint ventures worldwide.
The KPS investment strategy and portfolio companies are described in detail at
www.kpsfund.com.
SOURCE KPS Capital Partners, LP
CONTACT: David Wells, Prosek Partners, Catherine Johnson, Prosek Partners,
+1-646-818-9287
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